[quote]Damici wrote:
[quote]Stength4life wrote:
[quote]John Romaniello wrote:
Just wanted to chime in and say that S4L is probably wasting time even debating this. The likelihood of even getting approved for an apartment in Manhattan with 1,500 bucks and what I assume is lacking credit…well, not happening.
Most young people moving into the City need to get co-signers on their lease.
Speaking generally, I think that most decent buildings want your statements to reflect that you earn 40 times the rent; so if you were looking to get a reasonable 1 bedrooom (1600 at the minimum, and good luck finding that), you’d have to show 64,000.
The other option, assuming your credit isn’t great or you can’t show that kind of income, is paying more up front. Most of the time they’ll want a year up front, but in some instances they will do 6 months.
If you don’t want to live in the City proper, you can look in Queens and Brooklyn. Brooklyn is pretty trendy and so prices are climbing, and it’s difficult to find a place where you won’t need a co-signer.
Queens has some nice areas, but you’ll run into similar problems unless you’re pretty far east from NYC.
This isn’t a well thought out plan.
Those are just the logistics of renting; I’m not even talking about all of the other stuff that everyone else has pointed out. [/quote]
I was actually thinking Queens. I’ve seen several different places on Craigslist for around 800. But FORTY TIMES the rent? Good God. So would it be a better idea to stay here and build up my credit for a few years before I go? I admit, my plan is undetailed. But I still have a strong desire to live up east, and I am willing to listen to others suggestions; as I have so far. My original plan wasn’t to just move over there with 1500. I guess I didn’t make it clear enough. I’ll edit it right now. [/quote]
40 times the rent is the BARE-ASS MINIMUM they require. It’s usually 60-80 times the monthly rent, no joke. I just moved to a new place, so I know.
If you’re finding a place in Queens for $800/month it’s going to be waaaaaay the hell out in butt-fuck Queens (Queens is a huge place), to the point where you’ll be so far form the City (i.e. Manhattan) that it’s negating the whole point of your moving to NYC in the first place.
Finally, it’s not just your credit rating you need to build up. It’s your bank account. Multiply your net worth by 80 or 100 first. AND make yourself employable so you can get at LEAST a high-5-figure job when you move out here, and line up interviews and find a job here, BEFORE you move here. NOT the other way around.
In short you’re several years away from it.
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Indeed this is correct.
I just moved into a new place and I have to tell you, outside of the 7 week apartment hunt, once I found the place I liked, the amount of documentation they wanted in terms of proof of income, credit etc was just miserable.
If I was going to move into Queens, I like Bayside, Astoria, and maybe one or two other areas. B
Honestly, your best bet is to save about 35K, look into subletting for a few months, then find a roommate and get a new place.